Mumbai-based fintech startup TransBnk has raised $4 million in Series A funding round led by 8i Ventures. The round also saw participation from Accion Venture Lab, GMO Venture Partners, Ratio Ventures, and Force Ventures along with a group of family offices, institutions, and angel investors.
Company previously raised $1 million in seed funding led by 8i Ventures back in June 2023.
The funds will be used towards expanding the network of banking partners, making foray into the Middle East and SouthEast Asia markets, bolstering its tech infrastructure, and enhancing product stack, TransBnk stated in a press release.
Founded in 2022 by Vaibhav Tambe, Lavin Kotian, Sachin Gupta, and Pulak Jain. It is a transaction banking platform enabling corporate, commercial and institutional clients to make agile, secure and robust transactions with embedded finance and SaaS. It focus to provide deep domain expertise to ensure seamless business transactions for domestic cash management and payments, escrows, trade finance, supply chain finance and custodial services in close collaboration with banks.
Transbnk claims to have witnessed 10X revenue growth, forged partnerships with over 25 Banks, extending more than 200 APIs, while working with 100 BFSI clients. The platform also claims that it has supported over 5,000 accounts including escrows and processed more than 50 million transactions.